Buyers look to capitalize on mortgage rate cuts, lower home prices

AUSTIN, Texas—In September, the median home price in the Austin-Round Rock-San Marcos MSA housing market decreased by 6.6% to $425,000, while pending sales increased by 20.2%, according to Unlock MLS’ September 2024 Central Texas Housing Report. These data points, when combined with inventory reaching 5.9 months, indicate the region’s housing market is becoming more balanced, while still facing affordability challenges.

“Sellers are adjusting their expectations to reflect buyers' growing leverage in light of ongoing affordability constraints” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said. “We are also seeing active listings grow at a slower pace compared to earlier in the year, which indicates that our housing market will continue to be balanced between buyers and sellers. Pending sales in the Austin housing market have surged, likely driven by the mid-September drop in mortgage rates, as buyers are expected to take advantage of favorable conditions throughout the fall.”

Kent Redding, 2024 Unlock MLS and ABoR president, highlighted the complexities of the current housing market emphasizing that while declining mortgage rates are helpful for buyers, affordability remains a core concern across Austin.

“While mortgage rates have declined and inventory has increased, affordability remains a significant barrier for many buyers across the region. As election day approaches, it’s crucial for Central Texans to support candidates who will prioritize housing affordability, pursue meaningful policy changes to reduce barriers to housing, and help communities take the necessary steps to increase the housing stock to respond to the growth in our rapidly evolving market."

Austin-Round Rock-San Marcos MSA

• 2,286 – Residential homes sold, 2.6% less than September 2023.

• $425,000 – Median price for residential homes, 6.6% less than September 2023.

• 3,545 – New home listings on the market, 0.1% less than September 2023.

• 12,153 – Active home listings on the market, 11.6% more than September 2023.

• 2,569 – Pending sales, 20.2% more than September 2023.

• 9 – Months of inventory, 1.3 months more than September 2023.

• $1,268,639,386 – Total dollar volume of homes sold, 7.8% less than September 2023.

• 8% – Average close to list price, compared to 93.2% in September 2023.

City of Austin

• 737 – Residential homes sold, 11.9% less than September 2023.

• $580,000 – Median price for residential homes, 1.7% more than September 2023.

• 1,270 – New home listings on the market, 3.1% less than September 2023.

• 4,519 – Active home listings on the market, 16.3% more than September 2023.

• 799 – Pending sales, 9.5% more than September 2023.

• 8 – Months of inventory, 2.2 months more than September 2023.

• $536,872,801 – Total dollar volume of homes sold, 12.4% less than September 2023.

• 1% – Average close to list price, compared to 92.8% in September 2023.

Travis County

• 988 – Residential homes sold, 10.4% less than September 2023.

• $500,000 – Median price for residential homes, 2.9% less than September 2023.

• 1,728 – New home listings on the market, 1.6% less than September 2023.

• 6,018 – Active home listings on the market, 13.5% more than September 2023.

• 1,089 – Pending sales, 13.6% more than September 2023.

• 7 – Months of inventory, 1.9 months more than September 2023.

• $672,226,022 – Total dollar volume of homes sold, 13.4% less than September 2023.

• 3% – Average close to list price, compared to 93.0% in September 2023.

Williamson County

• 793 – Residential homes sold, 0.8% more than September 2023.

• $415,670 – Median price for residential homes, 3.3% less than September 2023.

• 1,068 – New home listings on the market, 0.6% more than September 2023.

• 3,513 – Active home listings on the market, 10.2% more than September 2023.

• 933 – Pending sales, 23.9% more than September 2023.

• 1 – Months of inventory, 1.0 months more than September 2023.

• $374,220,627 – Total dollar volume of homes sold, 3.2% less than September 2023.

• 2% – Average close to list price, compared to 94.1% in September 2023.

Hays County

• 367 – Residential homes sold, 14.1% more than September 2023.

• $369,300 – Median price for residential homes, 7.7% less than September 2023.

• 509 – New home listings on the market, 1.0% less than September 2023.

• 1,781 – Active home listings on the market, 6.3% more than September 2023.

• 398 – Pending sales, 28.0% more than September 2023.

• 2 – Months of inventory, flat to September 2023.

• $174,736,181 – Total dollar volume of homes sold, 9.2% more than September 2023.

• 6% – Average close to list price, compared to 92.8% in September 2023.

Bastrop County

• 92 – Residential homes sold, 7.7% less than September 2023.

• $354,990 – Median price for residential homes, 2.9% less than September 2023.

• 184 – New home listings on the market, 15.7% more than September 2023.

• 690 – Active home listings on the market, 22.1% more than September 2023.

• 113 – Pending sales, 39.5% more than September 2023.

• 2 – Months of inventory, 1.6 more than September 2023.

• $35,214,004 – Total dollar volume of homes sold, 15.2% less than September 2023.

• 2% – Average close to list price, compared to 90.8% in September 2023.

Caldwell County

• 45 – Residential homes sold, 24.8% more than September 2023.

• $281,455 – Median price for residential homes, 4.4% less than September 2023.

• 56 – New home listings on the market, 1.8% less than September 2023.

• 151 – Active home listings on the market, 4.4% less than September 2023.

• 36 – Pending sales, 5.9% more than September 2023.

• 0 – Months of inventory, 0.4 months less than September 2023.

• $12,242,552 – Total dollar volume of homes sold, 5.4% more than September 2023.

• 4% – Average close to list price, compared to 92.8% in September 2023.

  
  

For more information or to download the September 2024 Central Texas Housing Report, visit ABoR.com/MarketStatistics.